European fund industry hit with redemptions in Q1

Equity funds were hit hardest, with net outflows totaling euro 77bn, reflecting investor concerns about large stock market price declines. Bank savings products offering competitive interest rates and/or some form of guaranteed return continued to reduce the popularity of bond funds. Meanwhile the inflows to money market funds totaled euro 82bn, a turnaround from net redemptions recorded in the previous two quarters. A number of countries benefited from positive net sales including France, thanks to renewed appetite for regular money market funds. Elsewhere in Europe, including Hungary, N...